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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    October 29, 2012
    11:00 - 12:59pm EDT  

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the east coast. all stock markets closed because of this storm. we have charlie gasparino reporting at the new york stock exchange tried to negotiate a day of only electronic trading. connell: you will hear from the head of the exchange on that. also, the big october jobs report. no decision on whether it will be delayed this friday. this is the last age or economic release before next week's presidential release. we will speak with art laffer. dagen: the president due back at the white house this hour. both campaigns canceling appearances because of the storm. the impact it will have on the election that is just eight days away. good morning, everybody. we continue to track hurricane sandy. 90-mile per hour sustained winds. the storm still a category one, but it is so much more.
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connell: job astarte is all over it. it is so much more. you have been on it from the beginning. >> one of the things i have been advocating over the years is the power rating. if you do not find the real high winds and one small area, like we see in some of the storms like charlie, remember charlie, it will spread out, it will be a larger area of very strong wind and you will get the same net result as it hits land. what we have been saying at whether bell is when it took the turn to the northwest, we have been on this for the last five or six days i actually believe it is a bit stronger than what the hurricane center is saying. south of montauk, there have been wind gusts of 130 miles per
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hour. that would be close to what that barometric pressure is. that is now down as low as we have ever seen it. this is an extremely serious situation. all of the new jersey shore will be devastated. we will have record high tides in new york city. the only bright spot for new york city in this area is the fact that it has not rained a lot in the hudson valley. that rain will not force even the water to back up higher. this is a devastating storm. connell: how much damage are we talking about and how many days will it take to leave? >> tomorrow at this time, things will be leading up. the storm, and said of going by, will continue to move inland. the wind stays from the south
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and southeast. there will be people under water for 24-36 hours. you will see the storm gradually subside over the next two-three days. we will be lying around with cloudy, cool: julie damp weather for a few days around this. this kind of storm that is
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spread out, you have to understand that the energy of the storm is spread out through a larger area. new england sticks east. you are funneling everything into one area. the same thing happened in ike. it is a category two and i said no, bill, this will be a major hurricane for southeast texas. i knew the storm would tighten coming to land. same kind of thing is happening here. dennis: more from you later, joe. the new york stock exchange planning to operate only through electronic trading today, but then everything changed. as we have been reporting, it has been completely shut down. spew forth the first time it has happened in a very long time.
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charlie: why the 180 quick suck when i spoke to you yesterday, you were very confident that you could do that. >> i think it was really just gathering more information from all the marketing participants. we realized that staying open, even electronically would put others at risk. we decided to work with the industry and elected to change the decision where the markets will close entirely. i think the banks have really expressed concerns thought not only other people being at risk, we will have to mobilize even if the markets are electronic.
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they still have to get people to work. they also expressed concerns about this being the first time of our using our new technology. none of them had really interacted with it before. that was just too much to take. charlie: duncan, you are an amazing diplomat and smart guy, i cannot imagine you did not know that going in. my guess is this, the brokers, they operate their own dark pools which are stock exchanges, didn't they go ballistic, as we were first to report on fox business if you are open, they would have had to be open. >> i do not think that that is it, charlie. i will be honest with you guys.
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it was a spirited debate in a spirited discussion. i think the bottom line is what we underestimated was our goal to keep the orchid opened today, whether -- it was definitely impressed upon us that they would greatly appreciate it if we would, that they would rather not be open. charlie: to the regulators and press this upon you? >> no. as i said, it was a spirited discussion. i think it was held, you know, i did not get any sense that any time where people were trying to say we hope you guys close so we can say open. there was really none of that. i can assure you of that. charlie: was the sec involved in that? >> yes.
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we kind of reported our consensus to the sec and then taken back to us after caucusing a bit on their side. charlie: they did make that call to you about the business wanting a close. maybe i am missing painting it. >> we present to them as an industry first. we say to the sec, this is the conclusion we have come to as an industry, what do you think? they come from our decision and we made the announcement. we are all watching the same reports you are watching, your previous guest was pretty sobering in terms of what may happen in the next 24 hours. we will be making the decision
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much earlier today about tomorrow's market. if even half of what you're per guest is talking about is true, i would anticipate the market will be closed again tomorrow. keep in mind, it is a month and. it will be pretty important for the markets to be open in some shape or form. we will make sure we stay in close touch with you and everybody else. charlie: yesterday you said you would receive some pressure to open. where were the pressure come from? >> i think it will come from the broader industry. it is wanting to be be closed for safety reasons, we are not getting a whole lot of second guessing. i think at a certain point when people realize it will likely pass through by tomorrow
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evening, i think the expectation will be that we will need to reopen on wednesday morning. people will expect us to be open on wednesday morning. it is month end. they have positioned to worry about. they have month and training to worry about. it will take a pretty serious situation for the markets not to be open. charlie: did you have the technology to run arba and run a market that would be orderly? >> certainly. i think we have talked about this before. this contingency plan did not exist, it has been broadly communicated sent out ten. the street tested with us recently. i think what happened is, you know, this suddenly became a reality not a hypothetical this weekend. i am confident we can handle it. do i think running things all electronic all the time, no, in
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emergency situations, you do not always get the luxury of having all your options available. charlie: are you worried about the facebook situation? >> no, not at all. charlie: the markets are likely to be closed tomorrow. but you have not made that decision yet. >> they are likely to be closed. listening to the experts, we are operating under the assumption that a closed tomorrow is likely, but it is not definitive. we will make that decision in the next couple of hours. charlie: and then open wednesday >> i think we will be leaning heavily towards finding a way to be open on wednesday. charlie: duncan, thank you for
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your time. do we have a question here? dagen: no. i was just motioning to connell. connell: we got a lot of information out of that. charlie: he mentioned the sec. he is a diplomat, very smart guy. i think the regulators put the hammer to have. that is my take away. he will disagree with that. i love duncan. listen to what he said. they were involved every step of the way. dagen: mayor bloomberg will be speaking at the bottom of the hour. also two tunnels into manhattan, both the holland tunnel and brooklyn battery tunnel will be closed at 2:00 p.m. mass transit already shut down. the city is basically cutting itself off from the rest of the world. connell: in many of the ways, it is. you are right about that.
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you may have seen the pictures on the screen while charlie was talking with duncan nader howard . dagen: he is getting filtered by wind, sand and rain. he is at point pleasant beach down in new jersey. described the beach and how it has changed in the last hour or so. jeff: i think it is informative of what duncan is talking about. we just do not know. even if half of what joe astarte said comes true, we do not know. this is a category one hurricane. this is technically not a hurricane. well, okay, it may be a cold core storm by the time it makes landfall, but you can see what the conditions are on the beach right now. they have only intensified since
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i last talked to you. it is not catastrophic by any means. i do not see roofs coming off buildings. if you look at this ocean back behind me, we are right now, just the you understand the perspective, we are now close to low tide that we are high tide. we had some earlier pictures with the water rushing up on this beach. the reason it is back there now is we are approaching, we are about halfway between low and high. this is a normal situation right now in terms of tide. we will get another high tide. we will get a low tide this afternoon and then we will get a high tide between 7:00 p.m. and 8:00 p.m. here at point pleasant beach. that is the time you really want to be watching. that is when the true test will come on what this damage will be. will this be a billion-dollar storm, a ten billion-dollar storm, that is when we will find
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out when not water starts coming in at high tide. connell: have you had a chance to say what job -- joe had to say? this is a much stronger storm than your average category one, which you have been saying all morning. jeff: this is the storm with pressure that is extremely uncommon for this particular, you know, location. it rivals the 38 storm that did damage open england. such as the downtown providence. it has the potential for that kind of catastrophic damage. again, not from so much the wind, but from this water coming through. we will see, but it has the potential. whether or not this will come to reality or not, i do not know.
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connell: that is why we will keep coming back to you throughout. jeff flock on the beach today. the hurricane will come ashore here later today. thank you, jeff. dagen: hurricane sandy also disrupting campaign plans. governor romney canceling events in virginia and new hampshire. the president heading back to the white house. the president canceled an event tomorrow as well in green bay. connell: that is correct. leo hendry is here with us now. dagen: a big old democrat. connell: does this help the president? what is your analysis? >> i think if it was next week, it would have a very disruptive effect. these elections will be very close throughout the house, senate and all the way to the top. turnout is an imperative.
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this week it is just a problem. it is a crisis for the men and women that live in this area, ourselves included. it came up in the earlier show, friday we will see in other jobs number. we thought we saw gdp late last week. this election is going to be decided on these economic news. the two of you to a better job than others of understanding what really is going on here. when president clinton said the economy is stupid, what really happened all the way back in 1980, we went through a 24 hours news cycle which you represent first-hand, the ability of the press to cover news has been enhanced. job reports, gdp reports, prior to 1980, with the advent of cnn and later yourselves, they got pushed aside. they were only covered in print.
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this will be decided in the middle west, on the jobs numbers, the gdp numbers, it will be decided in some of these swing states. dagen: does it make, speaking of swing states, the cincinnati -- that one pull from the cincinnati inquirer has them neck and neck 49-49. because of the weather, because they are canceling some events, do those ad dollars spent on tv in the ads that are running on radio and television, are they even more critical because of what is happening with the weather? >> it has been a tsunami of ads. it is just overwhelming. there is almost nothing you can do in this letter week that you have not already seen. all the tv time was bought up as early as labor day.
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i think friday's jobs report will be pretty good. connell: dagen and i were speaking about this a little bit before we went on the air, the census bureau was asked about it and there were no plans to delay it. dagen: i said i would put money on it. connell: now before the election >> i know how that number is put together. it is a thousand pieces of information. it would have to be manipulated. these are bureaucrats who do this and have done it the same way since 1947. connell: i understand that. >> the only reason it would be delayed is washington shutting down today. if this thing persisted and we
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do not go past wednesday where the women and men who put the numbers together can actually get in -- >> it will be a good report. >> let's go back to 1980. the only measure is progress. you look at the aggregate numbers which the three of us have spent a lot of time on. progress has been made. it is not a national phenomenon that is at risk here. it is what is happening in these 12 states. right now, it is down through swing, you are probably down in the florida, virginia, north carolina.
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connell: ohio? >> i actually think ohio is already moving in favor of the president. connell: then he went. is there any way that romney wins without ohio. [ talking over each other ] >> there is now 15 polls in ohio alone. there is not a single average that has governor romney up. what you have to do is look at the -- [ talking over each other ] connell: the president up to in the average. it is always good to have you on, leo. >> 24 hour news has changed the landscape. dagen: and twitter. twitter has a huge impact on young voters.
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>> everything is instinct speed and this hurricane. we are getting pictures off of twitter. left back. dagen: it was great to see you. >> thank you for having me on. connell: there is more coming up, of course, on hurricane sandy. we are also ten minutes away from getting an update from the mayor of new york city. we will have mayor bloomberg live when it happens. dagen: look at how oil is faring today. just under $86 a barrel. ♪
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connell: keeping our eye on hurricane sandy. just moments from now the mayor of new york city will be
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briefing us on the storm. president obama will also make a statement at 12:45 p.m. eastern time. in about three minutes, the mayor's briefing is scheduled to start. once that gets underway, we will take it for you life. dagen: residents of new york city and state brace for the storm to make landfall. connell: zooming in on long island, there is long beach. >> the wind and rain really starting to pick up. there are three ways in and out of long beach. two other bridges are northbound only. they want people to get out of dodge and get out of the path of sandy. the long bridge has been
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flooded. nassau county under a state of emergency and also mandatory evacuation. if you take a look behind me, there were some crazy surfers finally, people are starting to really heed the warnings. boy, is it really getting big. what are we is expecting is high tide at 8:00 o'clock tonight. that is when problems could really be getting worse. the storm surge, during the height of the storm, which is going to be tonight when we get hit the hardest, we will have 11-foot storm surge with a potential of 20-foot waves going on top of that and just slamming into the coastline, obviously, coming up on the boardwalk. many people have heeded the warnings. they are remembering what happened with irene last year.
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other people are saying, you know, we have been through the storms before. we are hunkering down and we are not leaking. of course, our fingers are crossed for them. connell: along the shoreline, for better or worse with a large group of people. dagen: breaking news on the water moving into new york city and manhattan our sister station is reporting that parts of fdr drive, this is one of the two main arteries in and out of new york city that runs along the edge of manhattan. on the east side of manhattan is fdr drive, that is now underwater according to fox five. fdr drive is on the east side of manhattan. this is a critical artery of moving traffic in and out of new
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york city. at 2:00 p.m. eastern time, both the holland and brooklyn battery tunnel will be closing. if people are not in the city or out of the city in a matter of hours, you will not have a choice. you will have to stay right where you are. dagen: if you went up the right side of the horseshoe there, the east river is there. to the right side of it is the borough of queens and brooklyn. right on the right side, the east side highway which is called the fdr drive. mayor bloomberg in just a few moments. as soon as he begins, we will take that for you live. we will be right back. the mayor will be speaking about hurricane sandy in just a few moments. ♪ from 17 billion chips worldwide
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dagen: again, another rare move related to this weather, hurricane sandy, breaking news on the supreme court, it is shutting down building tomorrow's argument to thursday. something we rarely see. connell: we have already scene president obama cancels some campaign events and just arriving back in washington, d.c. here right now from the streets of washington is rich@. rich: much of that throughout the federal government today. the metro system is closed. the subway system. the busing system closed today.
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there have been power outages. president obama back at the white house, earlier than he at expected. at 12:45 p.m. we expect to hear from president obama. we will also hear from fema. they are waiting to see what happens. fema has moved water bottles and blankets all up and down the east coast. right now it is a matter of where will the storm hit and how hard is it going to hit? they are waiting and trying to figure out where all of this will happen. back to you. dagen: thank you so much for that. sandy already closing markets and delaying earnings reports and good even close to jobs
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report on friday. however, what would happen if that did happen. connell: art laffer joins us now. the statement about 45 minutes ago came from the census bureau. they said there was no decision as they put it on delaying the jobs report on friday. we both said we think it is unlikely. you do not want to feed into anything. what do you say? >> i think they will publish it. i do want to say that it is so much fun being with the two of you. mcdowell and mcshane, you know, everyone is investing in ireland. you know why, because the capital is always dublin. connell: we have to take a quick
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break right now mayor bloomberg just walked up to the podium. this is a city office of emergency management headquarters. here is their wilbert. -- here is mayor bloomberg. >> let the record show. good morning and we are joined here today by senator charles schumer and christine quinn and our city commissioners. i want to once again thank linda for her signing. let me begin today by updating everybody on current weather conditions and what we can expect from hurricane sandy over the next few days. we continue to remain in touch with governor cuomo and state officials in response of the storm. i am also announcing that we have awarded city public schools to remain closed tomorrow.
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there is no chance that mass transit will be back in time to serve people and we are always worried about cleanup even though the storm should lessen as we get into tuesday. sandy will make landfall just south of atlantic city this evening. that keeps new york city well within the danger of of the storm. this is a massive storm. hurricane force winds extend the 175 miles of every direction. the storm may strengthen as it meets the cold front approaching from the northwest. that is when a change from a tropical storm to a northeastern. as we have emphasized all along, the greatest danger posed by sandy is the coastal storm
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surge. we have already had as much flooding, for example, along the fdr which is fundamentally closed at the moment as we did in hurricane irene. when we closed the road, it is when the water comes up. at any moment, any of these roads, if it becomes unsafe, we close it. we have lots of people watching. the flooding that could occur later today is why we ordered our evacuation from zone eight areas they are expected to remain at higher than normal levels for the next 24 hours. the surge will be lovely at 8:00 o'clock tonight. remember, if you are in the
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south bronx, the surge that you are getting is surge that enters long island sound out from montauk and it takes four hours to get down here. the surge that you would experience there is much later than the surge you would experience if the water is coming up the east and hudson river. there has been some flooding already in the bowery as well as the fdr and rockaways. we expect surge levels of six-11 fee. a surge of 11-12 feet will possibly occur monday evening. the peak surge will hit areas along long island sound between ted into -- ten and 2:00 a.m. you have to add breaking waves.
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they will result in severe beach erosion. it drives water right over the road and inland more. because of the heavy rains, we do expect, they will come in later tonight after the first, we will see higher wind caught in the surge, then higher brain. tomorrow morning we expect to be very wet. a high wind warning is now an affect. sustained winds of 40-55 miles per hour with gusts of 70-80 are what are forecasted at the moment. motorists should experience extreme caution. governor cuomo has announced that that 2:00 p.m. today the tunnels will be closed to traffic. the bronx river traffic in the westbound lane of the bundles bridge will have been closed.
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i am having a mental block -- yesterday, i ordered an evacuation of residents and businesses in the area designated as zone a and our coastal flood plan. let me reiterate what i said yesterday. this is for safety for first responders also. if you are still in zone a and couldn't find a way to leave, leave immediately. conditions are deteriorating very rapidly. it gets more and more dangerous to go outside. you are sort of caught between a rock and a hard place. you should have left, but it is getting to hard to leave. if you experience an emergency, not on what, we will send our first responders and, although,
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we would love very much to not put their lives at risk. it is going to get really bad. forecasts are recently accurate. it is going to be very high winds. a lot of road closures. you know mass transit is not working. driving is dangerous. plans will put into affect to transport residents and an increased effort is being way to reach homeless on the streets with a focus on those in zone a. some 45,000 of the 375,000 new yorkers who lives in zone a our resident of city public housing
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developments. we continue to make enormous efforts to reach them with a message they need to leave for their own safety. the city is running buses for the next hour or so, but that will stop because it becomes too dangerous to run the buses. you should go downstairs. the buses are in the same locations they were yesterday. we have placed flyers and all the 26 development places. we started knocking on doors. we have not done every door, we have made phone calls to every apartment, if we could not reach people, we put flyers under the doors. police officers were at the development. we provided school buses to transport people to shelters. that is still going on.
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we are telling people to leave and helping them to do so. i want to commend the elected officials who work this weekend and going door to door and particularly to all the staff that nitro, i do not think anyone could have done more to give people notice and advice on how to protect themselves. we have stressed all along that people living in zone a that the first option would be to stay with family and friends. we have also opened emergency shelters. they are still accepting people. all of these shelters have at least one entrance usable for wheelchairs. if require further information, you can call 311. we have done everything i think
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we can to give you the information that you need. they have shelter, they have caught, they have blankets, they have food, they have sanitary facilities and they can't even take your pets. so far we have had about 8000 people come into the shelters in the press wants to know the number of pets. do not leave your pet at home. you do not know when you can get back. take your pet with you. for the next several days we have been stressing what precautionary steps new yorkers should take. our message is pretty much the same today. connell: mayor mike bloomberg there with a briefing for the city of new york. the new york city uhl system will be closed again tomorrow.
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i do not think that comes as a surprise for many. some of the tunnels have been closed. the brooklyn battery tunnel, the holland tunnel have been closed. dagen: also confirming what we were reporting earlier that that major artery on the east side of manhattan, the fdr drive is fundamentally closed because of flooding. there is as much flooding on that roadway, critical roadway for manhattan, as happened during hurricane irene. you can see, that is the highlighted area of the fdr drive. that really illustrates, you only have two ways to get around the perimeter of manhattan on the west side, it would be the westside highway on the east side. the side that touches queens and brooklyn. dagen: they are very worried about the storm surge, especially later on today.
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let's go back to art lover and the former reagan advisor. you think they will come out with a report on friday? >> i do. i do not think it will be very good for the president. in fact, the only reason the unemployment rate has fallen is because people literally left the labor force. that is why it has fallen as far as it has otherwise it would be up around 11 or 12%. a lot of people do not have jobs that they want. they have part-time jobs instead of full-time jobs. i do not see how this can help the president. dagen: leo expects this to be actually, leo hendry, you are
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referring to, expects this to be an okay jobs report. >> i do not think so. dagen: we can debate that another time. i want to stick to, right now the president has to focus on being a candidate. >> he is doing a good job on this. connell: you are in a tough position politically, the appearances are important for a president.
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he canceled his appearances. he is missing out on days of campaigning a week before the election. >> he is. that is what happened when you have a storm like this. things like this do happen. that is all governor romney can do is cancel his events and hope for the best. we really want to make sure that we get through the storm safely. i applaud president obama for working hard to make sure we have all the resources available to make sure people make through it pretty well. dagen: if you look at this jobs report on friday, to go back to that mama people already know or believe that the economy is improving or lousy rucksack. >> i do not think the economy is improving. the unemployment growth is just keeping pace.
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there is no improvement except everything has gotten a little bit larger. dagen: gas prices are down. they have on dramatically. >> that is true. lots of this and that. gas prices are higher than where they came when he came into office. this is the single worst recovery we have had in the history of the u.s. under reagan we would have had growth rates between seven and 8%. real growth on a quarterly basis for several years. the unemployment rate dropped like a stone. that is not what is happening here. these policies do not work. you cannot tax and economy into prosperity. simply, you cannot. that is what he has been trying to do. if he gets reelected, i suspect we will have a couple more years of really tough times. connell: thank you so much, art.
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thank you very much for coming on. we appreciate it. i just want to remind everyone a little bit about our own election coverage. election night begins with a special addition of varney & company. bernie and company 5:00 p.m. eastern time. dagen: the president will make a statement at 12:45 p.m. a little less than an hour from now. governor romney has canceled all events for tonight and tomorrow. all stock trading is holding. the chicago cma stayed open for business. connell: sandra smith is there. that is today's trade today. sandra: hi. i want to give you this particular view of the trading floor. typically you would see a very
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busy s&p 500 futures trading pit. midmorning today, the cme did make an announcement the equity futures would be closed all day. if you turn around, you will see the euro dollar futures pit. it will be open for another eight minutes. we also have mike williams. mike, the overall impact that you have seen on market. >> right now, it is pretty quiet. i think it will be an event where it may cause problems for 24 hours. sandra: one area we are watching is energy prices. two thirds have been shut down. we are watching oil and gas prices. what does that mean for those markets? >> i think you may get a one or two-day pop. sandra: we have to leave it there. if they postpone that jobs
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report friday, what does that mean? >> you take advantage of any weakness. that is mike williams. traders are on the floor. somewhat quite, gold, oil and energy futures. they continue to trade today. no announnement made yet about tomorrow. we will give you that information as we get it. dagen: sandra, thank you so much for that. connell: we have been talking about the flooding in and around the city. especially on the east side of manhattan. the fdr drive. dagen: there is so much water right now. water, have you had to move at all because the water is encroaching rucksack.
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>> we are at the battery garden bar and grill. we are out on the patio basically. we solved the surge coming above the sea wall which was four-5 feet of the time we arrived. we certainly have seen the water surging. once again, we are starting to see the rainfall common and we are expecting it to you obviously hit a little bit harder later on. we just went up by the new york stock exchange and talk to some folks who live there. they have provisions. they are not in the evacuation zone that we see down here. clearly, nobody really around.
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back to you. dagen: robert, thank you so much for that. be safe, my friend, be safe. connell: remember, president obama will be speaking in the next hour on hurricane sandy. dagen: cheryl and dennis will bring not for you live when it happens. double book you all energy development comes with some risk,
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by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respectinwildlife. america's naturalas... domestic, abundant, clean energy to power our lives... that's smarter power today. dagen: breaking news. right now as hurricane sandy hits the east coast, stock markets are closed because of this storm and the ceo of the nyse: the fox business they'ree likely to be closed tomorrow and will push for a wednesday opening at least. connell: a big jobs report due friday but many wonder there will be a delay due to the storm. we talked to christian dorsey about the last major economic reports before next week's presidential election. dagen: president obama will make
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an announcement about the storm. expect to hear the president in about 45 minutes from now. connell: the fox business team coverage. jeff flock taking the worst of it. robert gray in lower manhattan for the floodwaters have topped the seawall. and the government mostly closed down, some power already down. we begin with jeff flock at the jersey shore. >> i tell you, dennis, i've never seen a storm intensified itthis way in such a steady fashion. this is not catastrophic at the moment but it is intensifying and a very steady way here and bon the shore. there is no break in it. typically when it is just a hurricane it will break. not so with this one. i don't think at the end of the
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day the wind speed will be the headlines, think it'll be what the wind is doing to the water. we are still getting north to south flow on the beach. it is stiil fairly far away from us. as it moves in it will begin to get slow off the water pushing the water in especially at high tide expected to be somewhere between 7:00-8:00 local time. also in concurrence with the full moon. we will watch it throughout the day, but it is an amazing da display of pictures. i've never worn gloves during a hurricane efore, it is cold at the beach. cheryl: jeff flock, thank you very much. let's head over to robert gray in lower manhattan where the floodwaters are overflowing their banks.
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>> they have been overflowing this morning. a little bit after 8:30 we did see if you go behind me continuing back, they were over the seawall, you can see i at least through the area, we have some video. even washing a crab up where you typically see manhattanites jogging along the southern tip of manhattan. if you've ever been out to the statue of liberty, back behind me in the harbor for ellis island, just around the corner from where i am standing. both of those exchanges are dark today. the futures are trading in chicago. now we have also some businesses
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in new york and in the area affected adversely. in an evacuation zone, mostly closed, but other businesses are open. back to you in the studio. dennis: can you see the statue of liberty out there in new york harbor? or is she missing? >> getting a little bit hazy but further off you go, but a little bit late at the moment bracing for more but not for some time yet. dennis: barely making the outlines. cheryl: and she just reopened after a one-year renovation. dennis: let's go to rich edson in washington where most is shut down, president obama about to deliver a statement on the
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storm. >> president obama coming back to speak with the campaign rally in florida. he is back meeting with his emergency management team, department of homeland security and after that raising he will brief the american people on what exactly is going on for preparations come expecting that around 1:00. the federal government is largely closed. all departments deemed nonessential are closed. washington, d.c., is pretty close today. this is also hitting the campaign trail. governor mitt romney's campaign announced they are canceling all events this evening and tomorrow out of sensitivity for those in the path of hurricane sandy. you talk about preparations for the most part right now it is minor, seeing where this is going to hit, where we can possibly get the most of the damage.
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that puts bottles of water and blankets in different locations. back to you. dennis: will have president obama statement on the storm in about 40 minutes. cheryl: who want to bring in the chief meteorologist. kind enough to join us once again. the most recent update showing us the storm surges are beginning to overtake the east t side of manhattan at this point and the jersey shore. those are actually much higher than anticipated. >> they will be very high. this is going to be a disaster. as a matter of fact i suggest they change the name.
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this is what whether bell has been saying all along. our clients have known about this for over a week. last sunday we issued the first forecast. it was going to intensify, and it did. the barometric pressure is now a category four parametric pressure. little bit of arguing about the wind because we saw that about 120 miles off, wind gusts 130 miles per hour. strong band of wind 7290s, but what happens with this large area funneling all that into a smaller area? all the water being pushed into the area with the land where the land is shaped, where does it
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go? or putting it along the jersey shore and perhaps as much as 15 in new york harbor. cheryl: on one of the things so different about this storm is in the national hurricane center expected to be handing off the reporting of the storm to local authorities. you say this kind of a mess. >> i would have never done that. almost a mentality where these brilliant scientist sits there, almost like arguing over how much you can sit on the pen of a needle. who cares what the exact structure is, when somebody here is there is an artist with a high wind warning, hurricane warnings is intensifying storm coming in to the coast even if the structure happened to change 20 minutes before it makes landfall, why are you not issuing a hurricane warning? i couldn't believe it was only
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forecast. i talked to people yesterday, some people were not even boarding up, said what is the big deal, ignore easter is coming. this particular storm because of where it came from and the overall patterns, the water is very warm. steering 10 hurricanes of the eastern seaboard. what happens is everything abnormally warm. carol, edna, hazel, all of these storms from the 1950s, donna, they all held their structure into the coast and that is what this is doing. dennis: not even raining in new york city but he is scaring us. >> to the right it as rain, to the left a lot of wind.
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cheryl: looks like the new york stock exchange will probably be closed tomorrow as well. charlie gasparino has that within the hour. >> making the decision o the sae consensus driven approach about tomorrow's market even half of what your prior guest talk about is true i would anticipate the market will be closed again tomorrow. we're already working as an industry to think ahead to wednesday. cheryl: saying he will push hard to open the exchange on wednesday. we'll keep you posted on fox business. dennis: sandy will cost millions and affect millions of people and caused williams of dollars. declines in coca-cola, starbucks giving direction on how to prepare and react to these storms. evan gold joining me now.
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they close the subways at 7:00 last night, it is not even raining in manhattan, what bigger portion of the cost of the storm in the lost productivity of raking so early for us or will it be the damage it causes? >> dennis, thank you for having me on. it is related to the damage. a lot of the advisories that took place last night were warranted about people getting in and out of the city, maybe won't be able to get out at the end of the day. nothing about the potential impact, we have not really have manhadmany hurricanes that havek new jersey. correct me if i'm wrong but we have had only three. go back to the early 1900s, late 1800s to find that. the impacts will be very large. dennis: we hope everybody is safe. businesses that can benefit from this actual storm. the warehouse clubs and home centers.
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>> absolutely. they are buying to need. must-have items. they obviously are a no-brainer for people to hit up, grocery stores, even drugstores people fill up on prescriptions in the event of power outages. gas stations, fast food locations, especially in the evacuation routes all places with an increase in foot traffic in advance of the event. dennis: what about businesses that can take a hit on this so just clothing, restaurants? >> nobody wants to go to the mall in a hurricane. department stores, jewelry, sporting goods will all take a hit and people buying the must-have items to prepare for the storm we're getting close to the holiday season basically in november now, anything people are purchasing now could have a hit with discretionary income coming holiday season when
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people have to reevaluate their budget. dennis: and who is most exposed in the storm's path. bj's warehouse, 54% of the stars could be hit by this storm. >> just about every major retailer has 10% of their store base in the path. the folks like bj's are exposed, i would say for the places selling items people are looking to buy items as quickly as they can get back up and running is helpful, the businesses are looking to be a valued resource the communities they serve food is in their best interest to be up and running quickly as possible throughout and after this. dennis: thank you very much. cheryl: while the stock exchange and mostly government is shocked by this one, supreme court canceled everything for tomorrow. before the justices go home today, th they have argument ovr whether it should be illegal for
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you to resell your iphone and other items. judge andrew napolitano will be joining us coming up. dennis: and how you can play the hurricane. oil still trading. when we come back. [ mle announcer ] this is steve.
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cheryl: we are getting some more breaking news into fox business. we want to show you this, nasa releasing new video of hurricane sandy from international space station. if you think back to one year ago, we saw the pictures of irene, compare it to sandy, a much larger, larger storm. dennis: that is onebig, massive cloud, isn't it? as hurricane sandy continues, charles payne looking at the possible upside of the cleanup that will follow. how can we make money on this? >> talk about three companies that will do even better. clean harbor is one that will do very well. i discovered this stock after hurricane katrina. i'd never heard of it before and all of a sudden katrina came through, it went from augus
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august 2052 this yea 2005. they made an acquisition. the made an acquisition 1.2 $1.5 all cash acquisition. what i like about this, they do the hazard that have safety-kleen to recycle last year they took 400 million gallons of waste and turn it into reusable. they cleaned it up and were able to sell it. i think this is a perfect fit. this is not just a hurricane play, so we're going long-term. a trend that will be absolutely phenomenal. i don't know why the stock is down so much but i that it is at opportunity. cheryl: you have one more, i believe as well.
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>> g. nrc, so a lot of stuff out about it. after we talked in front of the stock traded more than 100% daily volume, the ceo has gone bonkers. this'll be huge for them to a lot of people have thought about getting a generator. people's minds will be made up in the next week or so. these are not the $900 generators. we have an order in for one of them just two weeks ago and i am not sure if we will, but $13,000. dennis: i just wonder where i will put it in my tiny new york apartment. cheryl: the release of friday's on climate report the final jobs summer before the election being threatened by hurricane sandy. with the election only eight days away, i'm curious if we get
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so late is that will be a game-changer for the race. >> i don't think so, a lot of people what will be cemented in their mind is what we heard last month. with friday's release coming just before the election, getting out the effort are in full swing. not sure it would've had that big of an impact, but both sides are looking forward to whatever the number was trying to capitalize for political reason for this may change a lot of the ground strategy. cheryl: we just got third-quarter gdp, that is not really growth. looking for 7.9% unemployment if we get it. the economy not stable enough. economic impact of sandy. speak of is a huge deal, i hope you all stay safe
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as if everybody watching for this really changes the political conversation over the course of the next week. while i don' don't know if this necessarily benefits one side or the other, certainly will change a lot of what they were planning to do. cheryl: you are an economist, i'm looking at economic impact estimate for sandy, very culinary because the storm is still coming, 35, $40 billion. i know many economist trying to get their handle around what this means for airlines, shipping, retail, small business, all of that. how long will it take to get a sense of the damage around the economy? >> we will get a real sense the next month or two. i think we have to keep in mind this storm has the potential to be so catastrophic in terms of the thousands of dollars that homeowners may have to spend on
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repairs or insurance deductibles, what is this going to do in the quarter ahead with the holiday shopping season for example. this cannot jus could not just n immediate economic circumstance, this could we one that takes us into early next year. cheryl: i was looking at the insurance companies trading over in europe this morning and they were down substantially. there is something to be said. thank you very much. >> thank you. dennis: we will have live coverage of president obama statement on the storm coming up in a half-hour. cheryl: also coming up next, and the napolitano, the judge, on why you will no longer be able to resell or used iphone on ebay or anywhere else in the future. we will be talking about it.
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cheryl: hurricane sandy barreling down on the east coast. fofox news meteorologist standig by in the weather center. >> we are working hard in the fox extreme weather center. people are preparing for sandy.
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the brunt of the storm for central jersey, long island and parts of southern connecticut as the storm eventually makes landfall overnight tonight but conditions are deteriorating right now. all along the coastal long island toward new york city, jfk toward the jersey shore. this storm really a wind event. i am not concerned about the rain, i'm concerned with the search and the fact we're doing with wind gusts in excess of 100 miles per hour. these are ice bars. the closer you get the more tight cast they are. very strong and windy storm. making landfall sometime overnight tonight across the jersey shore the worst of the weather will be pushed off into new york city and long island. the northern side of the storm, worst case scenario for one of the biggest cities across our nation and it could be affected
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60 million people. 70 miles per hour wind in the great lakes and midwest. not only northeast, southeast storm, midwest storm and ohio river valley as well. cheryl: a very busy woman today. we appreciate your time. dennis: baltimore-washington shut down by the storm but not the u.s. supreme court hearing arguments on a case that could make it illegal for you to resell your old iphone, dvd or book in some cases. cheryl: judge andrew napolitano joins us now. this is into account located copyright case they agreed to hear. >> a college student from american college student from thailand bought over $600,000 of english textbooks for the thailand copyright and sold them
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to college students. we cannot buy enough. about $600,000 profit belongs to us o: the supreme court's about this side whether or not it does. if you or i buy a something into his copyright in made in the united states, we own it and we can sell it. but if it was made and copyrighted in a foreign country we need permission to sell it. a quirk in the law. depending on where the supreme court does it wouldn't affect her ability to resell everything you own that would affect her ability to resell what you own which was copyrighted and produced in a foreign country. if you publish a book, dennis, you own the copyrights. i cannot copy it and pretend it is fine. but if you saw a copy to me i can then sell it to somebody else.
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if it was in a foreign country and the express permission to resell it. cheryl: will this open up predatory losses against people selling everything whether it is my mom's jewelry from spain? >> depending on the value of your mom's jewelry from spain. the publisher only went after the college student because it lost $600,000. this is worth the litigation. if the supreme court upholds this, one of two things will happen. if they change the law to grant once you own it you can sell it production to those who have a foreign copyright or what items are sold, the purchaser will be told whether or not he can freely resell it if he can't, that will lower the price of the item. the problem comes with: this is my blackberry. this was probably copyrighted in the united states but probably
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assembled outside the united states therefore i could resell it. dennis: so many companies making stuff in china come you don't dare come it could have a broader implication. thank you for being with us, judge andrew napolitano. cheryl: fox business continues to track hurricane sandy as the storm continues to affect travel, business, marketing the end the campaign trail. dennis: back in washington to monitor the storm. the dose response next live.
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cheryl: we continue to follow the breaking news that fox business. hurricane sandy wallops the east coast all the stock markets are closed and the ceo at the nyse: fox business they'r there likele shut down tomorrow. dennis: and the impact on our portfolio and economy. will the stat debate that. cheryl: and from the white house, will bring the president's comments to you live. dennis: coverage of hurricane sandy continuing. jeff flock with an edible pictures from point pleasant. back to you, jeff.
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>> just a slow, steady, unrelenting, gaining intensity here. i've never covered a hurricane quite like this one with a building of intensity without any relenting. it is something i have not really seen before. you can see the massive swells, this is as good as it will get. this water that may be pushed up actually leaving some of the beach open here. if you turn into the storm, you really can't even open your eyes anymore. wish i could turn the cameras you could see it, but we don't dare do with. continuing north and south, still a good ways away from it, it will be here.
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cheryl: jeff flock, we'll be checking in throughout the day. thank you very much. we're also covering what happened in the market or what is happening in the market. stocks likely closed until wednesday. we're waiting on confirmation, the portfolio, 401(k) is frozen. i want to start with you for a moment. if we do indeed have the new york stock exchange shut down for two straight days in the habitawehave not had this hr years. >> we have had four days we don't mess up our own portfolio, leave them be and they will work for you.
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i would tend to say make sure that you are out of harms way because your portfolio is probably constructed will be working for you. cheryl: we have had so much back and forth with a different exchanges, what is happening with the cme, the nymex, do you think in any way this works the faith in the market and how they operate? >> i don't think it'd hurt their faith. when you talk about an event that hasn't happened in 130 years, investors and the markets don't like surprises. were a bit in unknown territory. look at friday's close, really wasn't energy in the market in the u.s. negative or positive. unless something really happens in the next day or two in europe or in asia, i don't think is a real big deal.
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cheryl: i have to wonder about volatility. we have had several big names delaying their numbers until later on in the week and we will probably see more companies to the same so if we open for business wednesday morning, will it be kind of a wild ride? >> it certainly means he will be concentrating all the bow bubblf news into the first period we will have a bit of a volatile open that point in time, but making sure the press releases, announcements reaching as many people as possible to be in compliance with full disclosure. certainly the longer that the exchanges are closed, the greater uncertainty they will have.
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cheryl: a few sectors may cross hairs. financial insurance companies selling off because of sandy in this country. retail, the shipping countries, the refiners, is a huge question marks for wednesday morning. >> we will probably see a bit of a volatile opening, but things will shake out pretty quickly and retailers in particular that you brought up had a particularly great weekend last weekend, that's jus not just thd staples, but clothing and so forth as well. i think people anticipated this problem and actually overspent. i think we just have to wait and see how this all shakes out after the financial market reopens.
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cheryl: thank you very much, appreciate it. dennis: were moments away from president obama statement on hurricane sandy. dennischeryl: and we heading to long island that triggered the biggest hit from sandy. do not move, we will be right back.
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>> i'm liz macdonald with your fox business brief. hurricane sandy's wrath is already being felt on the u.s. market. your stock exchange, nasdaq exchanges are all closed today. the futures have been halted at the cme group, but commodities continue to trade. and commodities rescheduled the earning report as result of hurricane sandy. and nick's third-quarter resul results, td ameritrade moved up its results this afternoon from tomorrow while pfizer has moved the webcast to thursday. personal spending rose more than expected in september climbing 0.8% from august. then come right in line with expectations. but his latest from the fox
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business network giving you the power to prosper.
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cheryl: breaking news continues. live pictures right now coming out of the white house to the right of your screen the storm, we're watching a statement from the president on the impact of hurricane sandy. they've actually learned in the last few moments that the press corps that was following the obama campaign did not fall the president back to washington because of the storm, so basically the press corps is stuck in florida, the president is in washington. expect to hear from the president at any moment and we will bring those comments to you live. state of emergency declared in connecticut, district of claudia, new york, rhode island, virginia, maine, delaware. we have a lot to watch for. dennis: the chief meteorologist,
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are we facing a dangerous situation in that? look out the window, it is raining in new york city and gives us a false sense of security. >> in new york city w we're looking out the window button but buildings and a couple of trees and we cannot tell what is going on around the city or down at the beach. i don't expect buildings to get knocked over in new york city, the problem is we will have a record-breaking tidal surge in new york, long island and parts of the connecticut sure. the coast will be devastated. a lot of areas that people will not recognize after this storm. there is another thing i didn't ring up this morning, have to bring this up. the storm comes inland and moves west, most hurricanes come from the south. the wind turns to the northwest, out goes the water. cheryl: let's go to president obama right now.
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president obama: i just received a full briefing from our emergency response team at as well as fema and other agencies helpful in response and recovery efforts in the department of energy, department of transportation, the department of homeland security and the department of health and human services. obviously everybody is aware this point that this will be a big and powerful storm. all across eastern seaboard everybody is taking the appropriate preparations. i've spoken to all the governors in all these states, they have issued emergency declarations. they have been turned around quickly in the white house. we have pre-positioned assets so fema personnel are working closely with state and local governments making sure the food and water and emergency generation is available for those communities that will be hardest hit. we anticipate that the center of the storm will hit landfall
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sometime this evening, but because of the nature of this storm, we are certain that this is going to be a slow-moving process through a wide swath of the country. billions of people are going to be affected. so the most important message that i have for the public right now is please listen to what your state and local officials are saying. when they tell you to evacuate, you need to evacuate, do not delay, do not pause, don't question the instructions that are being given because this is a serious storm and potentially could have fatal consequences if people have not acted quickly. the good news is the governor and local officials in the past few days of preparations have been a close correlation with the governments, so we're
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confident the assets are pre-positioned for effective response the aftermath of the storm to keep in mind that for folks who are not following instructions, if you're not evacuating when you have been asked to evacuate, you're putting first responders at danger. we will have to have search and rescue teams in and around multiple states all at the same time and a low we have coast guard and department of defense all positions, if the public is not following instructions, that makes it more dangerous and means it could have picked holidays that could have been avoided. transportation will be tied up for a long time and probably most significant impact for a lot of people in addition to flooding will be getting power back on. there will be a lot of trees down, a lot of water and despite the fact the power companies are working very closely with the various state officials to make
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sure they're bringing it in those ready for preparations of the storm, the fact is they will not be able to get into positions to start restoring power until the wind has died down and because the nature of the storm, that could take several days, so republic's anticipate there will be a lot of power outages and it may take time for that power to get back on. same is true with transportation. even after the storm has cleared, it will take considerable amount of time for airlines, subways, trains and so forth potentially to get back on schedule depending on the amount of damage that has occurred. let me summarize just by saying i am extraordinarily grateful for the cooperation of the state and local officials, conversations i've had with the governors indicate there are no
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unmet needs, everybody is taking this very seriously, we have got pre-positioned all the resources we need but right now the key is to make sure the public is following instructions for those of you who still need additional information about how to respond you can go to ready.gov and that website should provide you with all the information your family needs in terms of how you can prepare for the storm. our thoughts and prayers go out to all the people potentially affected. we are extraordinarily grateful for first responders because they will be working 247th round the clock nonstop. i want to make sure our thoughts and prayers go out to all those who may end up dealing with a very difficult situation over the next several days. the last point i will make, this will be a big storm, difficult
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storm, the great thing about america is when we go through tough times like this, we look out for our friends and neighbors and we set aside whatever issues we may have otherwise t make sure you respod appropriately and swiftness. we want to thank all the state and local teams in place, i'm confident, but the public has to be prepared for a long cleanup. the good news is we will cleanup and we will get through this. i am not worried at this point about the impact on the election, i'm worried about the impact on families and on our first responders and the impact on our economy and the transportation. the election will take care of itself next week, right now the
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number one priority is to make sure we're saving lives and search and rescue teams will be in place and people will get the food and water and shelter they need in case of emergency and that we respond as quickly as possible to get the economy back on track. cheryl: listening to comments from president obama from the white house. he left the campaign trail in florida and headed to washington to talk about the federal response and the conversations with every single governor of the state, 25% of the nation's population being affected by this storm at this point. let's bring back in chief meteorologist, i know you and dennis were having a conversation. >> it is moving west, northwest. when the wind starts to abate it does not just come back from the northwest and blow the water out, keeps coming from the south
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and southeast and strong levels all night. if you look at atlantic city tied it isn't going down. it has come down off its peak, above the normal high tide at low tide. high tide at atlantic city, that at 8:00 tonight will likely be 12 feet above what it is supposed to be so old atlantic city is going underwater. this goes for new york and connecticut coast. people will be underwater for 12 to 24 hours, just the depth of the water you have to be concerned with. i believe we are going to easily record-breaking types all the way from long island town to the south jersey coast in that area
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to coney island is just as bad. cheryl: looking at the storm surge, high tide around 8:00 p.m., jones beach state park has a huge countdown clock. >> this high tide coming this evening will crush all records, i believe on the eastern seaboard. maybe 1821 hurricane a lot of folks don't know about that hurricane but it roared up the eastern seaboard, had unlivable types taking out the trees east of the garden state parkway. the fact is this storm will rival that is not beat it. dennis: thank you for being with us. we appreciate it. have a good day, sir.
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cheryl: fox business will continue to have up-to-date coverage of hurricane sandy as it unleashes havoc up and down the east coast. dennis: melissa francis and ashh the webster with the latest ahead of the market closing and more. stay with fox business.
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dennis: not a drop of rain outside new york city right now. they closed the stock market today. will volatility the more or less? cheryl: i think there will be a credible amount of volatility. we will know at some point later on this afternoon if it will be closed again tomorrow. power outages up in long island. the number is expected to go up throughout the day. now for another pig power of markets now, we will turn